公众号记得加星标⭐️，第一时间看推送不会错过。 昨夜晚间，中微半导体（深圳）股份有限公司发布了关于公司签订对外投资意向协议的公告。 公告指出，基于战略规划考虑与公司加速存储芯片业务发展需要，公司拟使用自有资金16,000.00万 元向珠海博雅进行增资，认购珠海博雅12,500,000.00元的新增注册资本，其余147,500,000.00元计 入资本公积。本次交易完成后公司持有珠海博雅 20.00% 的股份，珠海博雅将成为公司的参股公司。 据介绍，珠海博雅是一家由海归博士参与创建成立的芯片设计公司，成立于2014年，是专注于NOR Flash 等存储芯片研发设计的国家高新技术企业、国家专精特新小巨人企业、广东省博士工作站、广 东省工程中心、广东省工业设计中心。 创始人DI LI ，美国国籍，拥有中国永久居留权，北京大学物理系学士，美国德克萨斯大学电子工程 专业博士。DI LI 博士为"国家重大人才工程入选者"、"广东省重大人才工程入选者"、"珠海市一类 高层次人才"、"珠海市创新创业团队带头人"，历任 Micron Technology, Inc.（美国美光公司）器件 工程师、高级工程师、闪型存储器仿真项目主 ...

财报方面，受益NOR涨价及MCU业务拓展，公司Q4实现同环比大幅增长。 此外，公司全资收购SHM草案发布，利基存储布局完善，建议积极关注！ 【国联民生电子】普冉股份：全资收购SHM，惊喜不断 领导好！普冉周末发布25年度业绩报告及#购买资产草案公告。 1全资收购SHM、跻身全球SLC、MLC龙头 公司拟以发行股份、可转换公司债券及支付现金的方式购买诺亚长天剩余49%股权。 本次交易完成后， ➠诺亚长天#估值为5.73亿元，25年SHM营收13.5亿元，归母净利润1.66亿元，25年PE不到3.5x 225Q4业绩改善明显、单季创历史新高 扣除SHM业绩并入影响，公司 ➠SHM于25Q4并入收入约2.1亿元，归母净利润0.14亿元 ➠扣除后，公司25Q4实现营收6.76亿元，YoY+55%，QoQ+28% ➠归母净利润1.24亿元，YoY+97%，QoQ+644% 3NOR+SLC+MLC格局改善，涨价趋势明显 ➠据产业调研，26Q1 NOR价格环比涨幅超30%，Q2有望继续涨20%+ ➠三星退出MLC市场，铠侠停产部分SLC及产品，2DNAND格局持续优化，SKH有望凭借产能优势 1全资收购SHM、跻身全球S ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The semiconductor industry is experiencing a resurgence driven by increased demand for AI, leading to a price increase across various chip segments [2][3] - The company, Chipsea Technology, has faced significant financial challenges, including three consecutive years of losses, with a rising interest-bearing debt ratio reaching 41% [2][6] - Despite a projected revenue recovery in 2024 to 702 million and a further increase to 849 million in 2025, the company continues to report net losses, narrowing from 143 million in 2023 to 106 million in 2025 [6][7] Summary by Sections Company Overview - Chipsea Technology, established in 2003, focuses on high-precision ADCs, MCUs, and AIoT chips, operating under a Fabless model that emphasizes design over manufacturing [4][5] Financial Performance - The company's revenue has fluctuated significantly, with a decline in 2022 and 2023, followed by a recovery in 2024 and 2025 [6][10] - The gross margin improved to 35.5% in the first three quarters of 2025, up 7 percentage points from 2023 [13] Research and Development - R&D expenses have surged, reaching nearly 300 million in 2024, accounting for over 30% of revenue, which contributes to ongoing losses [17][18][19] - The company is investing heavily in R&D to maintain competitiveness in the ADC sector and to develop high-reliability automotive-grade chips [21][23] Market Dynamics - The MCU and ADC markets are highly competitive, with major players dominating the high-margin segments, while Chipsea faces intense competition in the low-end market [26][27][33] - The company is attempting to penetrate high-value markets such as automotive and AI, but these segments are still in early development stages and face long certification cycles [35][37] Financial Health - The company has experienced negative cash flow since 2020, with a total outflow of 530 million, necessitating external financing to sustain operations [39][41] - As of September 2025, the interest-bearing debt ratio stands at 41.4%, indicating significant financial pressure due to ongoing R&D expenditures [41][42]

Core Viewpoint - The latest research from TrendForce indicates that TSMC continues to benefit from advanced processes driven by demand for AI server GPUs, Google's TPUs, and ASICs, achieving a global market share of 70.1% in the foundry industry, solidifying its position as the leader in the sector [1] Group 1: Industry Overview - The total output value of the top ten foundry companies is projected to reach approximately $169.5 billion in 2025, representing a year-on-year increase of 26.3%, setting a new record [1] - Despite some pre-stockpiling of consumer products in the first half of 2026 stabilizing capacity utilization, there are concerns about order volumes and capacity utilization in the second half due to rising memory prices and shrinking demand [1] Group 2: Company Performance - TSMC's wafer shipments are expected to slightly decrease in Q4 2025, but the launch of flagship products like the iPhone 17 will boost 3nm wafer shipments, leading to a 2% revenue growth to $33.7 billion, maintaining a market share of 70.4% [1] - Samsung Electronics, excluding System LSI performance, is projected to achieve a revenue increase of 6.7% in Q4 2025, reaching nearly $3.4 billion, turning from loss to profit, with a market share increase from 6.8% to 7.1% [2] - SMIC is expected to benefit from local market advantages, with a revenue increase of 4.5% in Q4 2025, reaching nearly $2.49 billion, driven by increased wafer shipments and a slight rise in ASP [2] - UMC's revenue in Q4 2025 is projected to grow by 0.9% to approximately $2 billion, maintaining its fourth position in market share [2] - GlobalFoundries is expected to see an 8.4% revenue increase in Q4 2025, reaching $1.8 billion, driven by demand for data center components [2] - Hua Hong Semiconductor Group's revenue is projected to increase by 3.9% in Q4 2025, reaching nearly $1.22 billion, supported by demand for MCUs and PMICs [3] - Tower's revenue is expected to grow by 11.1% in Q4 2025, reaching $440 million, moving up to seventh place in market share [3] - Vanguard's revenue is projected to decrease by 1.6% in Q4 2025 to $406 million due to reduced DDIC orders [3] - Nexchip's revenue is expected to decline by 5.3% in Q4 2025 to $388 million, as some products are postponed to Q1 2026 [3] - PSMC's revenue is projected to grow by 2% in Q4 2025 to approximately $37 million, ranking tenth [3]

逻辑简单粗暴：暴增的AI需求像一台巨大的吸尘器，持续挤压着传统芯片的代工产能。价格链的传 导如同多米诺骨牌，最终砸向了每一个环节。 对于那些曾经被存货积压压得喘不过气的企业来说，这场涨价潮或许就是翻身的号角。而在这一众玩 家中，同时经营多种芯片与MCU（微控制单元）业务的芯海科技，能在这波浪潮中瓜分到多少？ 从做出来到卖得好，再到赚大钱，中间隔着千山万水。 作者 | 贝壳XY 编辑 | 小白 涨价，通通涨价，一个接一个涨价！ 最近，半导体行业的空气里弥漫着一种久违的躁动。这不仅仅是内存、显卡这类AI芯片的独角戏， 就连手机芯片大厂联发科都在酝酿涨价。 归母净利润的变动更为明显，继2022年大跌后，2023年直接亏损了1.43亿元，2024年亏损金额进一步 增加至1.73亿元。直到2025年，才出现减亏信号，归母净亏损收窄至1.06亿元。 （来源：Choice终端，制图：市值风云APP） 似乎，芯海科技正在走出阴霾？ "过山车"般业绩，2025年有所 回暖 芯海科技，成立于2003年，典型的"技术流"公司，核心生意就是做"感知"和"计算"。 具体来说，芯海科技的主营业务聚焦于高精度ADC（模拟/数字转换器）、M ...

Summary of Conference Call on Semiconductor Industry Industry Overview - The conference call primarily discusses the semiconductor industry, focusing on analog chip manufacturers such as Texas Instruments (TI) and Analog Devices, Inc. (ADI) [1][2][3]. Key Points and Arguments Price Increases - TI will increase prices by 15%-35% on over 60% of its product lines starting April 2026, while ADI will follow with a 20%-25% increase, having already raised prices by 15%-20% in Q1 2026, covering approximately 70% of its products [1][2]. - The demand side has exceeded expectations, with automotive order growth projected at 18%-24% for 2026, significantly higher than the initial forecast of 10%-14% [1][10]. Demand Dynamics - The industrial sector, including data centers and base stations, is performing strongly, offsetting weaknesses in consumer electronics such as mobile phones and home appliances [1]. - The overall order performance for 2026 is exceeding expectations, particularly in the automotive sector, which has shown a notable increase compared to earlier forecasts [10][11]. Domestic Manufacturers' Response - Domestic analog manufacturers like Shengbang and Naxinwei are currently assessing customer acceptance of potential price increases, with decisions expected within 1-2 weeks [1][3]. - These manufacturers had previously implemented minor price increases of 5%-8% at the beginning of 2026, adopting a strategy of "multiple, small, and moderate" adjustments [1][3]. Supply Chain and Delivery Times - The lead times for deliveries have generally lengthened, with mainstream delivery times increasing from 32-38 weeks to 35-45 weeks, although they have not yet reached the allocation threshold of 52 weeks [1][19]. - The tightening of capacity and unexpected order growth are contributing factors to the current price increases [1][10]. Price Adjustment Patterns - Historical patterns indicate that actual price increases often exceed those stated in official price increase letters, with TI and ADI typically executing higher increases than initially communicated [5][16]. - The price adjustment process is not uniform across all product lines, with different rounds of price increases affecting various product categories differently [6][8]. Customer Strategies - Customers are adopting a strategy of "order postponement" to retain flexibility in response to price changes, which may impact the overall pricing dynamics in the market [2][13]. - There is a notable difference in pricing strategies between TI and ADI, with TI offering some discounts to strategic partners while ADI has adopted a more uniform pricing approach [14][16]. Market Outlook - The semiconductor industry is experiencing a shift in focus towards high-value automotive and industrial applications, with resources being reallocated away from consumer electronics [8][16]. - The overall sentiment in the industry remains optimistic, with expectations for continued demand growth, particularly in the automotive and industrial sectors [8][12]. Additional Important Insights - The communication from customers regarding order volumes has changed, with many now concentrating orders towards the end of the quarter to maintain flexibility [13]. - The semiconductor market is currently characterized by a cautious approach from domestic manufacturers, who are likely to adopt a more gradual pricing strategy compared to their international counterparts [18][19]. - The performance of the MCU segment has lagged behind other categories, with price increases expected to follow if demand from traditional industrial sectors continues to improve [20].

记者丨张赛男 编辑丨包芳鸣 曾静娇 进入2026年，半导体行业迎来新一轮的涨价潮。本轮涨价从存储开始，逐渐扩散至功率器件、 晶圆代工、封测等多个环节。 21 世 纪 经 济 报 道 记 者 注 意 到 ， 近 期 A 股 多 家 产 业 链 公 司 发 出 涨 价 函 ， 涨 价 幅 度 普 遍 在 10%~20%，幅度大的甚至达50%~80%。 上游原材料及关键贵金属价格大幅攀升，是半导体行业涨价的主要原因；下游方面，AI带来的 需求激增则进一步推高半导体产品价格。 半导体行业此前已经历了两年多的低潮，自2024年才有所回暖。2025年，存储芯片率先强势 上涨，引领市场进入新一轮上行周期。市场分析人士指出，半导体行业持续景气，涨价已从存 储蔓延至产业链各环节，半导体产业链迎来全面涨价潮，建议关注晶圆代工、封测、功率器 件、服务器CPU、存储器等领域的投资机会。但与此同时，也要关注涨价可能对下游消费类电 子（如手机、电脑等）成本端构成的压力，进而影响终端出货。 成本、需求双重作用 原材料价格上涨，是本轮半导体涨价潮的直接原因。 希荻微（688173.SH）官微最新消息显示，近期全球上游原材料及关键贵金属价格大 ...

以下文章来源于科创板日报 ，作者郭辉 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 芯片涨价潮持续演进。近日两家科创板芯片公司思特威与希荻微接连向客户发布产品提价函。 思特威在其公告中，宣布自3月1日起，对在三星晶圆厂生产的智慧安防和AIOT产品在原有价格基础上统一上调20%；对在晶合集成晶圆厂 生产的智慧安防和AIOT产品在原有价格基础上统一上调10%。 对于涨价原因，思特威表示，近期全球存储芯片严重短缺引发供应链失衡，公司承受上游晶圆厂的成本压力。为保障能够持续为客户提供稳 定、高品质的产品及服务，经公司审慎评估，做出涨价决定。 希荻微官微显示，近期全球上游原材料及关键贵金属价格大幅攀升，导致芯片行业晶圆代工与封测成本持续上涨。 尽管公司积极提升内部 运营效率，仍难以完全抵消由此带来的成本压力。 为确保产品稳定供应及保障服务质量，该公司决定对公司部分产品的价格进行适度上 调。本次价格调整适用于2026年3月1日及之后下达的采购订单。 王洲在接受《科创板日报》记者采访时表示，低毛利产品对成本敏感度较高，弹性空间较小。目前各家芯片厂商的策略都是比较市场化的， 会根据下游客户的订 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 台媒报道， 中国台湾MCU 知名 厂商 新唐科技 旗下晶圆代工事业部近日发出通知， 宣布自 2026年4月1日起调整报价，整体调幅约20% 。 该公司表示，近年全球半导体产业环境持续变动，成熟制程资源重新配置，加上原物料、设备维护 与人力成本上升，为确保长期稳定供应与服务质量，有必要重新检视既有价格政策。 新唐指出，实际调整后报价将依各客户产品别、产能配置与合作模式提供更新方案。该公司强调， 此次价格调整有助于维持供应稳定性与可预测性，并深化与客户的长期合作关系。 对此一消息，法人分析，新唐整体营运仍以 MCU与特殊应用IC 为主，晶圆代工属辅助性质。此 次晶圆代工费用的调整， 主要针对6 寸 晶圆产线，该产线规模相对有限，对公司整体营收占比不 高。 业界人士指出，相较于8寸及12寸成熟制程产能近年受车用、工控与部分AI周边需求支撑，6寸产 能市场需求相对平稳，并未出现明显供不应求情况，价格弹性与议价空间较为有限。 因此，此次价格调整较多反映成本结构变 ...

来源：朝阳永续 3)资本开支和营收增长：2025年资本开支为81亿美元，高于预期，2026年预计销售收入增幅高于同业平 均值，资本开支与2025年大致持平。 1. 中芯国际全年业绩预期怎么样？ 截至2026年02月27日，根据朝阳永续季度业绩前瞻数据： 分业务来说： 1)产业链本土化切换：中芯国际受益于产业链向本土化切换带来的重组效应，特别是在模拟类电路、显 示驱动、摄像头、存储等领域。 2)产能利用率和扩产：公司产能利用率保持在95.7%，8英寸和12英寸产能接近满载，同时在BCD、模 拟、存储、MCU、中高端显示驱动等细分领域加速验证并扩产上量。 预测营业收入751.11~812.80亿元；预测净利润50.53~74.49亿元。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 2. 中芯国际最新卖方观点 中邮证券认为：中芯国际在25Q4季度表现出淡季不淡的销售趋势，销售收入达到24.89亿美元，环比增 长4.5%。公司产能利用率保持在95.7%，8英寸和12英寸产能接近满载，得益于产业链向本土化切换带 来的重组效应。公司在BCD、模拟、存储、MCU、中高端显示驱动等 ...